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Wait for a correction to the zone 134.17-133.09

Wait for a correction to the zone 134.17-133.09 | 18 January 2023

18 January 2023, USD/JPY

Wait for a correction to the zone 134.17-133.09

Technical observation

USD broke below the zone 134.17-133.09 then declined for some time however this week price opened bullish and I expect it to close green, this upwards movement is a pullback o the zone I have mentioned above and I expect a possible rejection of price within it followed by a rally to the lower side. My advice, remain neutral and wait for a correction to the zone 134.17-133.09 then sell a bounce within it with your take profit at 103.31 and stop-loss at 139.12. If there is a clear break below the level 103.31 with a big red candle, I expect the value of this pair to decline further towards the supportive level 76.33 or lower.

Trade recommendation

Wait for a correction to the zone 134.17-133.09 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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